India has seen a drastic metamorphosis over the last century. From being under the British rule to being a global giant in just over 60 years could be termed as a global success story. It has been the last 15 odd years that India’s economy has been growing at a massive rate. In this essay I will attempt to bring out the salient features of the economic reforms introduced to India to have made this growth possible. I would first make some comments about what globalisation is and why it is so important for India. I will also put forth an assessment of the aforementioned reforms from an economic and sociological viewpoint. In the latter part of the essay I will put forth a foreseen direction of the economy based on the investigation made. We will also discuss how worldwide consumer attitudes would affect the trends in the Indian economy.
Note: The timeline is mentioned next to every subtopic in the essay. Table of Contents
Table of Contents3
What is globalisation?4
Why is Globalisation important to India?5
Economic reforms introduced for India’s benefit6
Assessment of the effectiveness these reforms have had6
Evaluation of the effects on the economy in general6
A foreseen direction for the economy based upon the study.7 References8
What is globalisation?
(Proposed date of completion: 31st may 2008)
Globalisation is a vast concept. It is mandatory for the survival of almost any nation’s economy. It is the network of interdependence between countries for products, services as well as basic needs. Globalization has its’ myriad advantages as well as disadvantages which we may not have acknowledged yet. I intend on discussing some of the most influential advantages and disadvantages. Many authors have defined globalization in their literature. Some interesting definitions are as follows. •“Globalization is the `name' that is often used to designate the power...